Common use of Rejection of Payment Orders Clause in Contracts

Rejection of Payment Orders. Bank shall give Customer timely notice of Bank’s rejection of a payment order. Such notice may be given in writing or orally by telephone, each of which is hereby deemed commercially reasonable. In the event Bank fails to execute a properly executable payment order and fails to give Customer notice of Bank’s non-execution, Bank shall be liable only for Customer’s actual damages and only to the extent that such damages are recoverable under UCC 4A (as defined in Paragraph 7 below). Notwithstanding anything in this Funds Transfer Services Schedule and the Agreement to the contrary, Bank shall in no event be liable for any consequential or special damages under this Funds Transfer Services Schedule, whether or not such damages relate to services covered by UCC 4A, even if Bank has been advised of the possibility of such damages. Whenever compensation in the form of interest is payable by Bank to Customer pursuant to this Funds Transfer Services Schedule, such compensation will be payable as specified in UCC 4A.

Rejection of Payment Orders. Bank shall give Customer timely notice of Bank’s 's rejection of a payment order. Such notice may be given in writing or orally by telephone, each of which is hereby deemed commercially reasonable. In the event Bank fails to execute a properly executable payment order and fails to give Customer notice of Bank’s 's non-execution, Bank shall be liable only for Customer’s 's actual damages and only to the extent that such damages are recoverable under UCC 4A (as defined in Paragraph 7 below). Notwithstanding anything in this Funds Transfer Services Schedule and the Agreement to the contrary, Bank shall in no event be liable for any consequential or special damages under this Funds Transfer Services Schedule, whether or not such damages relate to services covered by UCC 4A, even if Bank has been advised of the possibility of such damages. Whenever compensation in the form of interest is payable by Bank to Customer pursuant to this Funds Transfer Services Schedule, such compensation will be payable as specified in UCC 4A.